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Retired CEO was said to be too focused on his yacht - Trade Only Today

Retired CEO was said to be too focused on his yacht

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Shortly before Louis Chenevert, CEO of manufacturer United Technologies Corp., abruptly retired, he made a side trip to Taiwan to check on the construction of his 110-foot yacht.

The move, according to a report by The Wall Street Journal, came amid concerns by directors and senior managers that he was disengaged from the details of the conglomerate’s operations and too focused on private interests, including his yacht.

Top managers at the industrial units of United Technologies, which makes Pratt & Whitney jet engines, Sikorsky helicopters, Otis elevators and Carrier air conditioning units, complained that they were having difficulty getting adequate access to the CEO when they needed it, according to the report.

“It wasn’t a crisis,” Edward Kangas, formerly the lead independent director of UTC, said in a statement. “It was just a growing issue and concern which caused me, with counsel from the board, to discuss with Louis his priorities — personal and business,” according to a report by Bloomberg.

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